Apple reported a record-setting iPhone quarter even though it did not release a standard iPhone model during its latest refresh. In its fourth-quarter earnings report, released Monday, Apple said it earned $57.58 billion in iPhone revenue, a 17 percent increase from the same period last year.
The growth followed the September launch of the iPhone 18 lineup, which included a pricier iPhone 18 Pro and Pro Max. Apple also raised prices on its older models at the same time. The company's first folding phone, the iPhone Duo, launched in the same period, but its preorder sales are not included in this report.
Apple CEO John Ternus told CNBC that the company "saw higher memory costs as compared to the June quarter, and that was partly offset by the benefit of carrying inventory and lower costs on non-memory components." Apple has also raised prices across its products amid supply chain constraints and rising memory costs, according to the report. The report says Apple had only a "limited" number of iPhone Duos at launch, with some estimated shipment dates extending into 2027.
Apple's total revenue rose 12 percent to $114.5 billion. Mac revenue grew 24 percent to $10.79 billion. Services revenue, which includes App Store commissions and subscriptions such as Apple TV and Apple Music, reached $31.57 billion. iPad revenue fell 10 percent year over year to $6.23 billion.